Unlocking the UK’s Space Capabilities | IPT
Chair: Chi Onwurah MP, Shadow Minister for Science, Research and Digital
Speaker: Yasrine Ibnyahya, Senior Director of Advanced Concepts, Inmarsat
Speaker: Sir Michael Ryan CBE, Vice President, European Space & Defence and Chairman, Spirit AeroSystems UK
Dinner Discussion

Date:

Tuesday 05 March 2024

Venue:

House of Commons

Start Time:

19:00

End Time:

21:15

The UK is the largest destination for space investment after the US, projected to account for 10% of the global space market by 2030. The global space economy grew by 9% in 2021 and is estimated to be worth nearly £400bn. In 2022, £7bn was added to the UK economy with the sector directly employing 48,800 people, including 2,300 apprentices. Capital investment in the space industry has increased significantly since 2015, with nine of the largest fifteen UK venture capital investors investing in space. In a report by the UK Space Agency, it is estimated that £360bn of the UK economic activity is supported by satellites with key functions being communications, navigation and financial transactions. Future global economies are expected to be driven by high-value, high-tech related sectors and the space industry in the UK is well positioned to create jobs across the country, from manufacturers to the wider supply chain. With investment into space related industries growing, how can the UK remain a world leader in the space industry and achieve commercial success alongside this?

The event will

  • Examine how private investment has supported the space industry in the UK and how this investment can lead to greater innovation in the sector. 
  • Discuss how best to support the wider supply chain of the space industry to support future economic growth and viability of the sector.
  • Evaluate the development of launch capabilities in the UK and their role in the success of the UK space sector.
  • Consider how to prevent the further accumulation of space junk as space exploration grows.